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Wednesday, Feb 04, 2009
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Business Daily from THE HINDU group of publications Wednesday, Feb 04, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Our Bureau Mumbai, Feb. 3 SEBI’s interrogation of the Raju brothers will be based on the investigations already carried out by the regulator, and on Mr Ramalinga Raju’s own confessional statement. It will be conducted by Mr Sunil Kumar, General Manager, Southern Region, who was also appointed as the Investigating Authority for enquiring into the SEBI scam. SEBI has already made investigations at the premises of banks, internal auditors and the company itself, and is examining documents, including invoices pertaining to Satyam, to determine whether there was any inflation of balances or receivables, or under-statement of liabilities. The Raju brothers, who had been systematically reducing their holdings in Satyam over several years now, will be probed for possible insider trading too. The scope of investigations under Section 11 C of the SEBI Act empowers the Investigating Authority to examine all the books, registers, other documents and records relating to the company; Section 11 C (5) gives it the powers to examine in person Mr Raju or any other employee of Satyam. No investigation report will be complete unless the entities (Raju Brothers) concerned are heard, and also for the sake of natural justice, to give them an opportunity to clarify themselves, said a legal expert. SC to hear SEBI plea to quiz Ramalinga Raju today SEBI’s plea to quiz Rajus posted for Feb 9 SEBI plea to quiz Ramalinga Raju rejected More Stories on : Courts/Legal Issues | Corporate Governance | Regulatory Bodies & Rulings | Satyam Computer Services Ltd | Software
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